It’s two weeks since El Salvador president Nayib Bukele announced that Bitcoin would become legal tender in his country.
His speech was announced officially at the Miami Bitcoin conference, and since then Latin America has really begun to show its love towards Bitcoin.
Some aren’t surprised as many Latin American countries are run by corrupt regimes with failing currencies, and it’s a region that really could do with Bitcoin.
Why Latin America Needs Bitcoin
From Argentina’s perennial default with its currency and Venezuela’s wheelbarrow full of worthless paper, no other region needs Bitcoin more.
A few years ago the Venezuelan government seized all electrical goods in JVG chain store for having too expensive goods. Many locals were seen the next day with the best car audio speakers, televisions and people were even seen wheeling fridge freezers out the doors.
Of course, the president blamed the rise in prices due to the greed of the company but truth be told, it was all down to hyperinflation.
And it’s these reasons, Bitcoin is perfect for the people in Latin America even if its leaders don’t want it. Read More